EUR/USD: On the cusp of a push back to the 0.9600/50 range – Scotiabank

EUR is little changed against firm US dollar. Nevertheless, the broader downtrend prevails, economists at Scotiabank report.

Major resistance seen at 1.0010

“Sequentially lower lows and lower highs keep the 2022 downtrend in the EUR very much intact on the daily chart – even with the selloff looking overextended.” 

“Major trend resistance now stands at 1.0010.”

“Intraday patterns look soft; the USD is pressuring EUR support in the low 0.97s, leaving the market on the cusp of a push back to the 0.9600/50 range.”